The UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say.
VIDEO: Banking Regulators: Silicon Valley Bank failure caused by mismanagementThe UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center, analysts say, warning that the country’s prosperity could grow too dependent on a single banking behemoth.
After studying the numbers, he said, the total value of exotic securities — like options or future contracts — held by the merged bank could be worth 40 times Switzerland’s economic output.The neutral, prosperous country of about 8.5 million people enjoys the highest gross domestic product per capita of any country its size. Switzerland's relatively low-tax and pro-privacy environment draws well-heeled expats, and it regularly ranks among the most innovative countries.
“This has to stop,” he told French-language public broadcaster RTS. “Swiss banks must remain Swiss and keep their operations in Switzerland.” “Rather than arranging the dissection of the last great ‘universal bank’ in this country — and let rival finance companies benefit — it's above all necessary to roll out much greater control measures for the new UBS,” Bordier told the Tribune de Geneve newspaper.
The Credit Suisse rescue is a stain on regulators and the idea that putting money into a Swiss bank means it’s “rock solid and safe,” overseen by the world's best financial managers, said Octavio Marenzi, CEO of consulting firm Opimas LLC.
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